Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) announced today that it has commenced an offer to repurchase up to 10 million shares of its common stock in a “modified Dutch Auction” tender offer at a price of not greater than $6.80 nor less than $5.80 per share. If Savient repurchases the full 10 million shares, the offer will result in the repurchase by Savient of approximately 16.2% of its currently outstanding shares. The tender offer will be financed from the Company’s existing cash position.
